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Tuesday, October 19, 2021

Punjab: Rules to promote, develop MSMEs get green light

The Punjab Micro and Small Enterprises Facilitation Councils Rules, 2021 under Micro Small and Medium Enterprises Development (MSMED) Act, 2006, were okayed to facilitate promotion, development and competitiveness of MSMEs.

By: Express News Service | Chandigarh |
September 17, 2021 10:36:55 pm
One of the features of the Act is that it provides an effective mechanism for mitigating the problems of delayed payments of micro and small enterprises. (Representational)

The Punjab Cabinet on Friday approved rules to provide a well-formulated legal framework for the operations of Micro, Small and Medium Enterprises (MSMEs), with effective mechanism to mitigate the problem of delayed payments to such enterprises.

The Punjab Micro and Small Enterprises Facilitation Councils Rules, 2021 under Micro Small and Medium Enterprises Development (MSMED) Act, 2006, were okayed to facilitate promotion, development and competitiveness of MSMEs.

A government statement said these rules provide first-ever legal framework for recognition of the concept of “enterprise” (comprising both manufacturing and services), and integrating the three tiers of these enterprises, namely Micro, Small and Medium. Apart from clearer and more progressive classification of each category of enterprises, particularly the small ones, the Act provides for a statutory consultative mechanism at the national level, with wide representation of all sections of stakeholders and with a wide range of advisory functions.

One of the features of the Act is that it provides an effective mechanism for mitigating the problems of delayed payments of micro and small enterprises.

All district level Micro and Small Enterprises Facilitation Councils established under the chairmanship of respective Deputy Commissioners across the state would ensure proper implementation of the aforesaid rules to ensure development of MSMEs in the State, and to resolve the issues of delayed payments effectively for betterment of micro and small entrepreneurs under the Micro, Small and Medium Enterprises Development Act, 2006.

The respective DCs of these districts will exercise the powers of the Director, Industries and Commerce, and shall be the chairperson of the council with lead district bank manager of the concerned district as members, besides two members from the association of micro or small industry or enterprises in the state MSMEs as non-official members. The general manager of District Industries Centre would be the Member Secretary.

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